MC Price (Rials per unit) ATC AVC 3 10 15 16 16 units and it 32. In the above figure, at a price of RO 7, the firm's output would be would a. 16; earn an economic profit b. 0; shutdown 16; incur an economic loss d. 10; incur an economid loss in cur> Breae

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.